WASHINGTON — The Coalition for a Prosperous America (CPA) released the following statement after U.S. Representative Mike Johnson (R-LA) was selected as the 56th Speaker of the U.S. House of Representatives:
“It’s clear from his days as Chairman of the Republican Study Committee that Congressman Johnson has a keen understanding of the threat posed by China and the urgent need to pass legislation to counter the CCP, including important trade policy issues like tariffs and repealing China’s Most Favored Nation Status,” said Michael Stumo, CEO of CPA. “The Republican Party has come a long way from when it blindly pursued free trade policies — which overwhelmingly benefited China, Wall Street, and multinational corporations to the detriment of American workers and manufacturers. This Congress, Chairman Jason Smith and Chairman Mike Gallagher have already demonstrated strong leadership on China and trade policy issues from their committees. CPA looks forward to working with Speaker Johnson to build off this important work, and pass additional legislation through the House to counter the CCP.”
On the issue of China, the position of the American public is clear, with a resounding 77% of GOP voters supporting more tariffs on China and 66% of Americans favoring candidates in the 2024 presidential election who advocate for additional tariffs on Chinese imports, according to recent polls by American Compass and Reuters/Ipsos. Clearly, voters are deeply concerned about the impact of China’s policies on American jobs, trade, and national security.
Repealing China’s MFN status is a critical step in securing America’s economic future. A recent economic analysis by the Coalition for a Prosperous America (CPA) revealed that revoking China’s MFN status would result in the creation of 2 million new American jobs. This move would not only bolster America’s workforce but also lead to a substantial increase in real household incomes by $3,647. Furthermore, it would boost the nation’s real gross domestic product (GDP) by 1.75%.
Additional research by CPA further underscores the damage caused by granting China MFN status, which shows that since 2001, the trade deficit with China, commonly known as the “China Shock,” has cost the U.S. a staggering 3.4 million manufacturing jobs. This economic hemorrhage has affected communities across all 50 states, painting a grim picture of the consequences of inaction.
